IPG pushes through key technical resistance level
Interpublic Group of Companies Inc. (IPG) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, IPG finished Thursday at 16.64 gaining $1.59 (10.56%) on low volume, strongly outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 16.09, Interpublic Group confirmed its breakout through the prior session high after trading up to $0.67 above it intraday.
Daily Candlestick Chart (IPG as at Mar 26, 2020):
Thursday's trading range has been $1.92 (12.94%), that's far above the last trading month's daily average range of $1.36. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for IPG.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 15.09 (now S1), which is likely to act as support going forward. The last time this happened on March 2nd, IPG actually lost -2.66% on the following trading day. Prices are trading close to the key technical resistance level at 17.13 (R1).
Though the market is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.